PAIKE(SH:605123) Shenwan Hongyuan Securities·2026-03-25 08:44Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.543 billion yuan for 2025, reflecting a year-over-year increase of 10.28%. However, the net profit attributable to shareholders decreased by 4.37% to 252 million yuan [4][8]. - The company is positioned as a core supplier of high-end forgings, benefiting from dual growth drivers in military and civilian sectors, which opens up growth opportunities [8]. - The company’s revenue growth is driven by increased demand in various sectors, including aerospace and power, with significant contributions from different product lines [8]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 3.213 billion yuan in 2024 to 6.057 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 17.2% [6][10]. - The net profit is expected to increase from 264 million yuan in 2024 to 554 million yuan in 2028, indicating a strong growth trajectory [6][10]. - The gross margin is forecasted to improve from 15.8% in 2025 to 20.0% in 2028, reflecting enhanced profitability [6][10]. Business Performance - The company achieved a revenue of 8.62 billion yuan in Q4 2025, marking a year-over-year increase of 17.86% [4]. - The company’s product structure is continuously optimized, with significant revenue contributions from aerospace, petrochemical, and power sectors [8]. - The company has established a strong position in the aerospace high-end forging sector, leveraging advanced materials and technologies [8].